From Keystart to Cost Savings: How Refinancing Could Save You Thousands
If you started your homeownership journey with a Keystart loan, you're not alone. These low-deposit loans have helped thousands of Western Australians get into the property market sooner — especially when saving a 20% deposit wasn’t an option.
But while Keystart can be a fantastic stepping stone, it’s not always the most cost-effective long-term solution.
Why Refinance From a Keystart Loan?
Keystart loans are designed to be a transitional product — meaning they typically come with higher interest rates and limited product features compared to mainstream lenders. As your financial situation improves and your equity grows, you may become eligible to refinance to a standard home loan with a much lower rate.
Refinancing from Keystart could help you:
Reduce your monthly repayments
Save thousands in interest over the life of your loan
Access better loan features (like offset accounts and redraw facilities)
Consolidate other debts into your home loan
Start building wealth faster
When Can You Refinance?
You might be eligible to refinance once:
You’ve built enough equity in your home (usually around 20%)
Your financial situation has improved (e.g. stable income, good credit)
You meet the lending criteria of a mainstream lender
Even if you're not quite there yet, we can help you make a plan to get there sooner.
How WestGen Finance Can Help
At WestGen Finance, we work with clients just like you every day — helping them move from Keystart loans into more competitive lending options that better suit their current situation.
We will:
Review your current Keystart loan and see how much you could be saving
Compare refinancing options from a range of banks and lenders
Handle the paperwork and make the transition as smooth as possible
Help consolidate any high-interest debts into your home loan if it makes sense for your situation
The result? You could save thousands in interest, pay off your loan sooner, and gain more financial freedom. See how we helped one of our clients do exactly that.
Meet Jake* — a Perth homeowner who was originally with Keystart. While Keystart helped him get into the property market with a low deposit, he found himself stuck with a high interest rate of 7.85%.
Realising how much this was costing him, Jake decided to explore his refinancing options. With our help, he switched to a new lender offering a much lower interest rate of 6.13% — a game-changing move that will save him up to $136,309 over the life of his loan.
But that’s not all.
To reduce his monthly repayment pressure, James also opted to slightly extend his loan term from 27 years to 29 years. While this added a bit more time to his mortgage, it eased his cash flow, making his monthly budget far more manageable.
If Jake had chosen to stick with his original 27-year loan term at the new rate, he could have saved even more — but for him, the balance between long-term savings and day-to-day affordability made sense.
With the right plan in place, refinancing can offer you serious long-term savings, lower your monthly commitments, or both. In Jake’s case, it helped him save six figures and reduce his financial stress.
*Client’s real name has been changed to protect his identity
Ready to See If Refinancing Makes Sense for You?
It starts with a quick, obligation-free chat. Whether you're ready now or want to make a plan for the near future, we’re here to help you take the next step with confidence.
Contact WestGen Finance today to see how much you could save.